General Overview
With respect to mortgage loans sold to Pennymac, the following tax payment guidelines apply:
- The Correspondent is responsible for all tax payments that are due within 30 days of the closing of the mortgage loan and any other payments due within 30 days after the purchase date.
- At purchase, Pennymac will withhold the entire initial escrow deposit regardless of a tax payment made on behalf of the borrower.
- If the Seller pays a tax bill subsequent to the closing of a mortgage loan, the Seller should send evidence that a tax bill was paid to Send email to ["CorrespondentPostClosing"].. A refund will be processed upon receipt of acceptable proof of payment.
- A copy of the front and back of the check used to pay the bill and payment history showing the Seller’s remittance is acceptable evidence of payment.
- All tax penalties incurred by Pennymac arising from the delinquent payment of real estate taxes prior to the purchase date of the mortgage loan are the responsibility of the Seller.
- Evidence of current or new tax information must be submitted with the closed loan package.
- Pennymac charges a Tax Service Fee on each loan purchased, government and conventional.